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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:

1. Lore Co. changed from the cash basis of accounting to the accrual basis of accounting during 1994. The cumulative effect of this change should be reported in Lore's 1994 financial statements as a:

A) Prior period adjustment resulting from the change in accounting principle.
B) Prior period adjustment resulting from the correction of an error.
C) Component of income before extraordinary item.
D) Component of income after extraordinary item.

2. Coffey Corp.'s trial balance of Income Statement Accounts for the year ended December 31, 1988 as follows:

Coffey's income tax rate is 30%. The gain on debt extinguishment is considered a usual and recurring part of Coffey's operations. Coffey prepares a multiple-step income statement for 1988.
Income from operations before income tax is:

A) $230,000
B) $240,000
C) $190,000
D) $200,000

3. Which of the following should be disclosed in a summary of significant accounting policies?
I. Management's intention to maintain or vary the dividend payout ratio.
II. Criteria for determining which investments are treated as cash equivalents.
III. Composition of the sales order backlog by segment.

A) II and III.
B) I and III.
C) II only.
D) I only.

4. The effect of a change in accounting principle that is inseparable from the effect of a change in accounting estimate should be reported:

A) As a separate disclosure after income from continuing operations, in the period of change and future periods if the change affects both.
B) As a component of income from continuing operations, in the period of change and future periods if the change affects both.
C) By restating the financial statements of all prior periods presented.
D) As a correction of an error.

5. According to the FASB conceptual framework, which of the following statements conforms to the realization concept?

A) Product unit costs were assigned to cost of goods sold when the units were sold.
B) Equipment depreciation was assigned to a production department and then to product unit costs.
C) Cash was collected on accounts receivable.
D) Depreciated equipment was sold in exchange for a note receivable.

Solutions: